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S&P: TNS on watch
Standard & Poor's said it placed its BB- corporate credit and senior secured debt ratings on TNS Inc. on CreditWatch with negative implications.
The agency said that the CreditWatch listing follows the announcement that TNS received an unsolicited offer from a group including its former CEO John McDonnell, Jr. to acquire the outstanding shares of TNS for a cash price of $20.00 per share, or $482 million.
According to S&P, TNS' board of directors will review and evaluate the offer and the company previously rejected a $22.00 per share offer from another investor group that also includes CEO John McDonnell, Jr.
The CreditWatch listing reflects uncertainty surrounding the financing plans and whether this acquisition will occur, the agency added.
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